E-CO Energi buys Hafslund's hydropower production

Press release 03/17

Oslo kommune (the City of Oslo) has today announced an outstanding reorganisation of its ownership in the energy sector. As part of this E-CO Energi Holding AS will acquire 90 per cent of the shares in Hafslund ASA after the separation of other business than production of hydropower from this company. Such a take-over means that E-CO Energi's power production will climb from 10 to approximately 13 TWh.


Annual result 2016: Improved earnings for E-CO Energi

Press release 01/17

E-CO Energi earned a net profit of MNOK 590 in 2016, compared with MNOK 533 the year before. The improvement in performance is mainly ascribable to higher power prices. The Board of Directors proposes a dividend of MNOK 610.


E-CO Energi - lower YTD performance at Q3, but better outlook for the net profit for the year

The net YTD profit after tax was MNOK 256, down MNOK 113 year-on-year. The decline is due to lower contributions from price hedging. Higher power prices towards the end of the quarter and after end-quarter herald better prospects for the net profit for 2016.


E-CO Energi is reporting an H1 result of MNOK 293

Press release 04/16

The profit after tax came to MNOK 293, down MNOK 57 from H1 2015. The decline from last year is ascribable to lower actual selling prices. Higher power production partially offset the decline in selling prices.


E-CO Energi Holding AS signs a NOK 1,500,000,000 multi-currency revolving credit facility

On 7th July 2016, E-CO Energi Holding AS ("E-CO Energi" or the "Company") entered into a NOK 1,500,000,000 multi-currency revolving credit facility (the "Facility"). The Facility has a tenor of 5 years including two one-year extension options.


Record-high power production led to satisfactory Q1 performance for E-CO Energi

Press release 02/16

E-CO reported a profit after tax of MNOK 289 in Q1 2016, compared with MNOK 305 in Q1 2015. High power production largely offset low power prices. Good production management helped the Group obtain a selling price was 11 per cent higher than the area price.


Satisfactory net profit for 2015 despite low power prices

Press release 01/16

E-CO Energi turned in a satisfactory performance for 2015, given the low power prices that prevail. E-CO Energi's operating revenues totalled MNOK 2 511, compared with MNOK 2 863 in 2014. Successful hedging and good production planning helped ensure the Group's selling price was 34 per cent higher than the spot price. The net profit for the year was MNOK 533, compared with MNOK 713 in 2014. The Board of Directors proposes a dividend of MNOK 685. The Group expects lower profits in future in the light of the forward prices for 2016 and later.


Performance at end-September 2015: Hedging ensured satisfactory performance

Press release 06/15

E-CO Energi reported a net YTD profit after tax of MNOK 369, down MNOK 34 year-on-year. The decline is ascribable to lower selling prices. The Group's hedging was successful as the actual selling price has been 44 per cent higher than the area price thus far this year.


Satisfactory H1 performance for E-CO Energi

Press release 05/15

The profit after tax came to MNOK 350, up MNOK 51 from H1 2014. The increase is due to higher production. As a result of hedging, the actual selling price was 27 per cent higher than the area price in H1.


E-CO Energi - high production volume in Q1

Press release 04/15

E-CO reported a profit after tax of MNOK 305 in Q1 2015, compared with MNOK 285 in Q1 2014. The actual selling price was lower than last year, but a larger production volume more than offset the decline in prices. Hedging had a positive effect, entailing that the selling price was 13 per cent higher than the area price in southern Norway.


E-CO Energi: Satisfactory net profit for 2014

E-CO Energi earned satisfactory results in 2014. Consolidated operating revenues totalled MNOK 2 863, compared with MNOK 3 228 in 2013. The average selling price was 0.271 NOK/kWh, compared with 0.323 NOK/kWh in 2013. The net profit for the year was MNOK 713, compared with MNOK 876 last year. The Board of Directors proposes a dividend of MNOK 740.


Sale of shares in Norsk Grønnkraft

Press release 8/14

The owners of Norsk Grønnkraft AS ("Norsk Grønnkraft" or the "Company") have entered into an agreement to sell the Company to Aquila Capital ("Aquila").


Profit at end-September 2014: E-CO Energi - YTD profit of some MNOK 400

Press release 07/14

E-CO Energi reported a net YTD profit after tax of MNOK 403, down MNOK 219 year-on-year. The decline is first and foremost due to lower power prices. Once again this year, hedging has helped ensure that the Group obtained a higher selling price than the spot price on Nord Pool. The decision to build the Rosten Power Plant was taken in Q3.


Performance in H1 2014: E-CO Energi reports lower H1 performance

Press release 06/14

E-CO Energi earned an H1 profit after tax of MNOK 299 in 2014, compared with MNOK 504 last year. The decline is largely ascribable to lower prices. Power production was 100 GWh lower than in H1 2013.


Performance in Q1 2014: E-CO Energi's profit down from last year

Press release 05/14

E-CO reported a profit after tax of MNOK 285 in Q1 2014, as against MNOK 401 a year ago. The decline is ascribable to lower prices and lower production. Hedging entailed that the actual selling price was 18 per cent higher than the system price.


Annual performance for 2013: Normal good year for E-CO Energi

Press release 02/14

2013 was yet another good year of operations for E-CO Energi, as both operating revenues and earnings before tax were on a par with 2012. Successful hedging, good production planning and operations that maintained high power plant availability contributed to E-CO Energi's strong performance. The Group's reservoirs were at normal levels early in the year and, despite dry, cold late winter months, the spring brought abundant precipitation and the rest of the year was normal. Production ended at 10.0 TWh, compared with 10.8 TWh in 2012. Two new power plants, Embretsfoss 4 and Rendalen 2, were commissioned in 2013. The Board of Directors proposes a dividend of MNOK 750 for 2013.



Press contacts

 

Torill Berdal
Vice President, HR and Communications
Telephone: +47 24 11 65 90
Mobile: +47 952 24 373
E-mail: torill.berdal@e-co.no

 

Per Storm-Mathisen
Communication manager
Telephone: +47 24 11 65 91
Mobile: +47 982 55 406
E-mail: per.storm-mathisen@e-co.no